BMO teams using FISPAN in business banking

BMO has partnered with FISPAN to offer the bank’s business customers direct access to day-to-day banking transactions from their ERP or accounting system.

“By integrating payments, reporting and reconciliation with these systems, customers now have an easier and more efficient way to conduct and manage their business transactions,” the bank said in a press release Thursday (November 17).

According to the press release, the partnership will enable BMO business customers to view real-time account and balance information, send electronic payments and automatically reconcile transactions without leaving their ERP systems.

“We recognize that our customers have competing needs, and as their banking partner, we are focused on helping them progress by delivering seamless and simple solutions,” said Sean Ellery, Digital and Innovation Head at BMO Commercial Banking, in the announcement.

Earlier this year, BMP partnered with cloud-based accounting firm Xero to offer business customers more auto-banking options to streamline their financial operations.

BMO customers using the company’s Online Banking for Business service can send daily bank feeds to their Xero account, reducing data entry and reconciliation.

“Our customers have told us that the less time we can spend on manual tasks, the better,” said Hugh McKee, head of BMO Partners. “Our partnership enables automatic transaction synchronization between BMO and Xero, giving owners more time to focus on what matters most – making progress and growing their business.”

These partnerships come at a time when companies are looking to digitally manage as many aspects of their operations as possible, PYMNTS reported earlier this year.

A study by Bank of America found that 85% of their small business customers use digital channels, while digital engagement is up 15% over the last year, leading to a rising proportion of sales coming through online channels. The report found that small business digital sales are now up 300% from pre-2020 levels and account for almost half of total sales.

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How consumers pay online with saved credentials
Convenience is prompting some consumers to store their payment information with merchants, while concerns about security are causing other customers to pause. For How We Pay Digitally: Stored Credentials Edition, a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and how merchants can overcome resistance.

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